Occidental Petroleum (NYSE:OXY) Trading 1.3% Higher – Here’s What Happened

Occidental Petroleum Co. (NYSE:OXY) rose 1.3% during trading on Wednesday . The stock traded as high as $50.63 and last traded at $50.50. Approximately 2,245,638 shares changed hands during trading, a decline of 76% from the average daily volume of 9,361,749 shares. The stock had previously closed at $49.85.

Analyst Ratings Changes

OXY has been the subject of several research analyst reports. TD Cowen decreased their target price on Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Scotiabank cut their target price on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Tuesday, November 19th. Wells Fargo & Company dropped their price target on Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. Finally, Wolfe Research upped their target price on Occidental Petroleum from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Occidental Petroleum presently has a consensus rating of “Hold” and a consensus target price of $63.25.

Occidental Petroleum Stock Performance

The firm has a market capitalization of $47.22 billion, a price-to-earnings ratio of 13.10 and a beta of 1.58. The stock’s fifty day moving average is $51.66 and its two-hundred day moving average is $56.63. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.75%. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the company. Fortitude Family Office LLC lifted its holdings in Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 304 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in shares of Occidental Petroleum during the third quarter valued at approximately $32,000. LRI Investments LLC bought a new stake in Occidental Petroleum in the 1st quarter worth about $44,000. Transamerica Financial Advisors Inc. purchased a new stake in Occidental Petroleum during the third quarter worth about $50,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Occidental Petroleum in the third quarter worth $87,000. Institutional investors own 88.70% of the company’s stock.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.